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Saving, Growth, and Liquidity Constraints
Abstract
In the context of an overlapping-generations model, we show that Uquidity constraints on households (i) raise the saving rate, (ii) strengthen the effect of growth on saving, (iii) increase the growth rate if productivity growth is endogenous, and (iv) may increase welfare. The first three positions are supported by cross-country regressions of saving and growth rates on indicators of liquidity contraints on households. The results suggest that financial deregulation in the 1980s has contributed to the decline in national saving and growth rates in the OECD countries.
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Citations
Cited by
What Do We Know about Capital Structure? Some Evidence from International Data
RAJAN, R. G., & ZINGALES, L. (1995) · The Journal of Finance · doi:10.1111/j.1540-6261.1995.tb05184.x · Cited by 6,538
Financial Development and Economic Growth: Views and Agenda
Levine, R. (1999) · Policy Research Working Papers · doi:10.1596/1813-9450-1678 · Cited by 2,977
Stock Markets, Banks, and Economic Growth
Levine, R., & Zervos, S. (1999) · Policy Research Working Papers · doi:10.1596/1813-9450-1690 · Cited by 2,881
Financial development and economic growth
De Gregorio, J., & Guidotti, P. E. (1995) · World Development · doi:10.1016/0305-750x(94)00132-i · Cited by 1,216
Non-linearity between finance and growth
Deidda, L., & Fattouh, B. (2002) · Economics Letters · doi:10.1016/s0165-1765(01)00571-7 · Cited by 458
Metadata
- Authors
- Jappelli, T., & Pagano, M.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1994-02-01
- Volume
- 109
- Issue
- 1
- Pages
- 83-109
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2101703995
- Cited by
- 799
- References
- 0
- FWCI
- 43.72
- Type
- journal article
- Language
- en
- Open access
- closed
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- Jappelli, T., & Pagano, M. (1994). Saving, Growth, and Liquidity Constraints. The Quarterly Journal of Economics. https://doi.org/10.2307/2118429
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
